Tuesday, November 17, 2015

SPY, QQQ Pause Stay Above Monday's S1...NFLX Breakouts...QRVO Bounces...Oil Falls...

Three sectors moved higher on TuesdayXLV, XLY and XLK were the strongest sectors while XLU was the weakest sector

Breadth weakened as decliners led advancers 1.71 to 1 on the NYSE and 1.16 to on the NASDAQ.

Tuesday – weakened, decliners led
Monday – strengthened, advancers led
Friday – strengthened, decliners led
Thursday – weakened, decliners led
Wednesday – weakened, decliners led


SPY down .15 at 205.47 on 120.9 million shares
VIX up .68 at 18.84…
TNX down .12 at 22.61…
TLT up .20 at 119.77…on 5.1 million shares
XLF down .05 at 24.16…on 37.3 million shares

AAPL down .48 at 113.69 on 27.6 million shares
FB up 1.09 at 105.13 on 26.7 million shares

Technical Commentary:
IWM -0.38%, SPY -0.07%, QQQ +0.06%, DIA +0.08%.

Each of the broad indexes paused on Tuesday after Monday’s strong rallyEach of the indexes held above the S1 level of Monday’s large white candle.  This is generally a sign of short-term trend continuation.  The NDX and DJIA were slightly higher on Tuesday while the SPX and RUT were slightly lower.  The VIX moved up confirming the lower close in SPX.
                  (click image to enlarge)

MSFT, AMZN, GOOG, CTSH, BIIB, GMCR, BIDU and AAPL were among NDX losers, while INTC, AMGN, FB, REGN, GILD, COST, ATVI, VRTX, ALXN, ILMN and MU were NDX leaders.

SYF is replacing GNW in the SPX today and tomorrow after the close ILMN will replace SIAL. 

Oil fell 92 cents on Tuesday leading XLE -1.10% lower as energy stocks CHK, COG, SWN, EQT, RRC, OKE, CNX, and ESV were among today’s laggards

ARG +29.36% gained following a $10.3 billion buyout from Air Liquide SA.

TJX +3.85% following a positive earnings report.

NFLX +5.16% broke through horizontal resistance following Monday’s massive bullish engulfing pattern.  QRVO +5.59% bounced following a six-day earnings flag.
                  (click image to enlarge)


Trade with the trend of the chart you are trading and continue to move your profit protection stops.  Continue to follow your rules.

The SPX MFC green line is pointed down at 64. 

Short-term Chart Targets:
SPY =...207.06
QQQ = 111.69, 113.23
IWM = 115.34, 116.49…

Support Levels
SPY = 202.21, 201.65, 199.30
QQQ = 109.05
IWM = 113.10
__________________

Setups
Horizontal Breakout: CRM, JBL, UBNT, V, BIDU, COST, JD,
Diagonal Breakout: AIG, GLW, PANW, PYPL, QRVO, RPD, SONC, TSL, CMCSA,
Bull Flag: QQQ, AMZN, ETFC, JPM, MS, BAC, WFC, CTXS, EBAY, GRMN, LMCA, MNST, NVDA, BABA, FSLR, LNKD, CMCSA, ESRX, GILD, GOOGL, SBUX, KWEB
At Support: CSIQ, EXPE, X

Moves
New Highs: VRSN,   
H Breakout: MYL, NFLX,
D Breakout: SINA, CELG, XLNX,    
Bull Flag Bounce: NTES, SCHW, ADBE, FB, GILD, ATVI, GLW, STI, SNDK, XLNX   
MACD Divergence Bounce: MBLY, WDC,
Bounce: AMBA, JNPR, LC, NCLH, ULTA, ZION, INTC, MU, QCOM, SNDK, SWKS, TXN, WBA,  
Gap Up: YNDX
______________________


48 of 100 NDX stocks closed higher on Tuesday and one was unchanged.

46 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 1
CHKP

Moving Below 30 DMA = 5

BIIB, CMCSA, CTXS, DISH, GRMN

6-month Intermediate Term Market Trend: Neutral
3-day Short Term Market Trend: Neutral

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